Positive session for the European Stock Exchanges, which also recorded important gains today, although losing momentum in the afternoon awaiting the results of the Eurogroup meeting. Piazza Affari, driven by the Agnelli galaxy, gains 2,19% and rises to 17.411 basis points. Frankfurt +2,8% was firmer towards the closing date; good Paris +2,12%; Madrid +2,4%. Outside the Eurozone, London appreciates by 2,9%.
Wall Street proceeds in tune after yesterday's sprint, even if uncertainty about the outcome of the conference call on oil is growingscheduled for Thursday. About ten other countries should participate in the appointment with Opec and Russia, writes Tass, but not all have responded to the invitation, at least for now. Three heavyweights such as the United States, Canada and Great Britain would be missing from the appeal. In this climate, forecasts of an agreement for new cuts, proportionate to the fall in demand due to the expansion of the pandemic, do not seem so easy. Brent is down 0,7% and trades at 32,83 dollars a barrel; WTI is flat at around $26 a barrel.
However, market sentiment remains more risk-oriented, because the epidemic seems to be slowing down in the countries that were the first to decide to close also in Europe, starting with Italy. The recovery of confidence translates into a decline in the dollar. The euro appreciates against the greenback and trades at 1,089, recovering by almost one percentage point. Even gold, the safe haven asset par excellence, slows down and trades at 1692 dollars an ounce, after exceeding 1700 dollars in the morning.
In Europe we are looking above all at today's meeting, al ongoing tug of war on Eurobonds between countries like Holland and Germany on one side and Italy and Spain on the other. There are many proposals on the table and which meet with a broader consensus, but the frontier of a common debt does not seem to be passable.
In this climate, the spread between Italian and German ten-year bonds remains stable: -0,29%, 190 basis points. The yield of the BTP grows, +1,58%, but also that of the Bund (-0,32%), thanks to the news of a 43 billion euro increase in German debt to be issued in the second quarter and a union in May for the first 15-year benchmark security.
As far as Italian paper is concerned, investors are awaiting the mid-month auctions which will start tomorrow, when the Treasury will offer a total of 9,5 billion euros in 3 and 12-month BOTs.
On the main list of Piazza Affari, after the decree passed yesterday by the government which it provides liquidity for 400 billion euros to small, medium and large companies, the biggest increases of the day are for Exor +8,27%; Cnh +7,3; Fiat +6,47%. The Lingotto thus recovers part of the heavy losses accumulated during these weeks of lockdown, also in the hope of being able to reopen the US plants in early May.
Highlights Buzzi +6,77%; Amplifon +6,44%. Ideas on Diasorin +5,76%, which has completed the studies necessary for the launch of a new high-volume processing serological test to detect the presence of antibodies in patients infected with coronavirus at the San Matteo Polyclinic in Pavia.
On the negative side of the list is abrupt the thud of Atlantia, -5,48%, which had gained a lot of ground in recent sessions in view of a possible agreement with the government on concessions to ASPI. The board of directors met today to discuss the group's strategies, but in the second part of the session there was a clear reversal of direction and the stock was stopped in volatility several times.
Male Telecom -1,38%; Campari -1,1%; Terna -1,08%. The banks are mixed: purchases mainly reward Unicredit +3,42% and Ubi +2,59%.
